On Monday, Nifty opened on a positive note, reaching a high of 24,089.95. However, intense selling pressure dominated the session, driving the index over 500 points lower to a low of 23,551.90, breaking all near-demand/support zones. It finally settled at 23,616.05, losing 388 points from the previous close. Both the Weekly and Daily Trends (50 SMA) remain sideways.
Demand/Support Zones
Near Support Level: 23,263 (low of 21st November 2024)
Far Support Level: 23,189.88 (61.8% FIBO retracement)
Far Demand/Support Zone (Daily): 21,791.95 - 22,910.15
Supply/Resistance Zones
Near Supply/Resistance Zone (15m): 23,966.95 - 24,054.30
Near Supply/Resistance Zone (15m): 24,164.90 - 24,210.30
Far Supply/Resistance Zone (Daily): 24,149.85 - 24,394.45 (tested)
Far Supply/Resistance Zone (Weekly): 24,567.65 - 25,234.05 (tested)
Outlook
As predicted in posts since October 2024, Nifty is gradually slipping into bear market territory, evident from the sharp 674-point decline since touching the Daily Supply Zone on 2nd January. The current sentiment remains weak, with support levels being tested. Watch for 23,100 - 23,300 as a critical zone to hold and monitor for selling pressure near 23,900 - 24,400.
Demand/Support Zones
Near Support Level: 23,263 (low of 21st November 2024)
Far Support Level: 23,189.88 (61.8% FIBO retracement)
Far Demand/Support Zone (Daily): 21,791.95 - 22,910.15
Supply/Resistance Zones
Near Supply/Resistance Zone (15m): 23,966.95 - 24,054.30
Near Supply/Resistance Zone (15m): 24,164.90 - 24,210.30
Far Supply/Resistance Zone (Daily): 24,149.85 - 24,394.45 (tested)
Far Supply/Resistance Zone (Weekly): 24,567.65 - 25,234.05 (tested)
Outlook
As predicted in posts since October 2024, Nifty is gradually slipping into bear market territory, evident from the sharp 674-point decline since touching the Daily Supply Zone on 2nd January. The current sentiment remains weak, with support levels being tested. Watch for 23,100 - 23,300 as a critical zone to hold and monitor for selling pressure near 23,900 - 24,400.
Penerbitan berkaitan
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penerbitan berkaitan
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.